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(19 Feb 2025, 15:49)

Punjab National Bank reports Rs 270-cr borrowal fraud to RBI

Punjab National Bank (PNB) has informed that a borrowal fraud amounting to Rs 270.57 crore has been reported in one of its non-performing asset (NPA) accounts to the Reserve Bank of India (RBI).


The bank stated in an exchange filing, "A borrowal fraud of Rs 270.57 crore has been reported to RBI in the NPA account of Gupta Power Infrastructure at the Bhubaneshwar branch office (BO), station square, circle office (CO), and zonal office (ZO) in Bhubaneshwar. The bank has already made provisions of Rs 270.57 crore, as per prescribed prudential norms."

Punjab National Bank is engaged in Treasury operations, corporate/wholesale banking, retail banking, digital banking, and others. As on 31 December 2024, the bank has 10,168 domestic branches and 2 international branches. Out of the total number of branches, the bank has 63.3% branches in rural & semi-urban areas.

The public lender’s standalone net profit surged 102.82% to Rs 4,508.21 crore in Q3 FY25 as against Rs 2,222.81 crore reported in Q3 FY24. Total income grew by 15.99% year on year (YoY) to Rs 34,751.70 crore in the quarter ended 31 December 2024.

Shares of Punjab National Bank rose 1.03% to end at Rs 92.80 on the BSE.

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